The “Nutaaq” area (Inuktitut for “Something New”) is 100% owned by Forum Uranium, subject to a 2% net smelter royalty to Nunavut Tunngavik Inc. Forum Uranium is also announced that it has arranged an $800,000 financing of the company.
Around 900 grab samples were collected over the company’s North Thelon project during uranium exploration conducted by Forum Uranium in 2007 and 2008. Of the 255 samples collected in the Nutaaq area, 155 samples grade from 0.1% to 3.8% total rare earth oxides (TREO). These rare earth elements are accompanied by elevated levels of zirconium, niobium and tantalum.
During the 2009 field season, further geological mapping and sampling at Nutaaq was conducted for geochemical, petrographic and mineralogical analysis to better determine the nature of the rare earth mineralization. Samples from this program have been sent to the Saskatchewan Research Council (SRC) for complete analysis of rare earth elements by SRC’s Rare Element Analysis Package. The percentage distribution of light and heavy rare earth elements, as a percentage of total rare earth elements will be determined once these results are received by month end. Forum Uranium anticipates that further exploration for rare earth deposits on the property will be conducted as part of its uranium exploration program in 2010.
Forum Uranium is a Canada-based company engaged in the business of acquiring and exploring uranium projects.
